New Report Guides U.S. Corporate Tax Reform for the 21st Century Global Economy

July 23, 2009

Washington, DC – Today the Information Technology and Innovation Foundation (ITIF) released a report examining the need to reform the U.S. corporate tax code to foster America’s global competitiveness in the new innovation economy.

In the newly released report, Effective Corporate Tax Reform in the Global Innovation Economy, ITIFPresident Robert Atkinson recommends the need for the fundamental reform of the U.S. corporate tax system by outlining six principles to guide corporate tax reform for the 21st century global economy:

Principle 1: Differentiate between individual taxes and corporate taxes and focus on making the individual tax code more progressive.

“Congress needs to reform the U.S. corporate tax code by significantly expanding tax incentives for investing in the building blocks of innovation and productivity in a way that is fiscally responsible and progressive,” saidITIF President Robert Atkinson. “The goal of reform should be neither to simply reduce rates nor raise rates’ as many on the right and the left propose. Instead tax incentives should be designed to promote economic growth in ways that will directly benefit American workers and help put the U.S. economy on a path to growth and competitiveness.”

Through its research, policies proposals, and commentary, the Information Technology and Innovation Foundation (ITIF) is working to advance and support public policies that boost innovation, e-transformation and productivity. For additional information, visit ITIF at www.itif.org or contact Dr. Robert Atkinson at (202) 449-1351 or ratkinson@itif.org.